China decided to cash in on cheap oil

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www.vsyako.netPhoto: Lucy Nicholson / Reuters

China, which is the second largest oil consumer in the world in 2020, decided to capitalize on cheap raw materials, increasing its purchases. This follows from the forecast of the Institute for research in Economics and technologies in the Chinese oil company China National Petroleum Corporation, referenced by Reuters.

Assessment research centre, oil imports in China in 2020 will increase by 2 percent due to low prices, and raw material consumption in the same period will increase by 1-2 percent. The demand for oil to Chinese refineries, meanwhile, will fall by 5 percent, which is the first reduction since 2000. The cause was a coronavirus pandemic, which stopped the factories and the tourism industry, including air travel in China.

Experts predict an increase in natural gas consumption in China this year to 3 percent, to 313,5 billion cubic meters. This is the slowest growth rate over the past 20 years, specifies Agency.

Earlier it was reported that the demand for oil in China almost returned to pre-crisis levels and, according to some estimates, currently stands at 13 million barrels per day. It’s only 400 thousand barrels less than in may 2019.

Video, photo All from Russia.

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